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《大行報告》大摩升和電香港(00215.HK)評級至「增持」 上調數碼通(00315.HK)目標價
阿思達克 03-05 14:30
摩根士丹利發表研究報告,重申香港為亞洲5G發展最佳的市場,指出本港電訊資營運商去年下半年業績中5G表現均令人鼓舞,考慮到即將迎來5G升級週期,以及穩定的市場競爭環境,首選股份為香港電訊(06823.HK),其後依次為香港寬頻(01310.HK)、和電香港(00215.HK)、電訊盈科(00008.HK),最後為數碼通(00315.HK)。

報告指出,電訊商2020年下半年5G服務ARPU(每月戶平均收入)提升50至150元,相當於增長20%至30%,預期雖然要到2023至2024年市場才能完全復甦,但單是5G就能在未來三年內推動移動服務收入增長3%至4%,倘計入數據漫遊收入恢復料可增長約5%。

大摩認為,和電香港提升去年派息率至年度溢利的100%,每股派息按年增長12%,並透露如果今年上半年沒有特別投資,或於中期派發特別息,將評級由「與大市同步」調升至「增持」,目標價由1.3元提升至1.7元。考慮到頻譜攤銷成本增加可能會拖累收入,維持數碼通「與大市同步」評級,目標價由5.2元升至5.5元。

另外,由於數據需求激增,大摩認為數據中心市場亦具有上升空間,新意網(01686.HK)為該行首選。

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